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Wacker raises 2016 EBITDA outlook after strong Q1
29
Apr '16
German chemicals company Wacker has revised its EBITDA outlook for 2016, raising it by 5-10 per cent in the full-year against its previous forecast of a slight increase, owing to its strong Q1 2016 performance.

EBITDA for Q1 2016 was €228.9 million compared €188.4 million in the fourth quarter of 2015, a rise of 22 per cent. The EBITDA margin came in at 17.4 per cent in the reporting quarter after 15.3 per cent in Q4 2015. Group EBIT was €58.9 million in Q1 2016 with a corresponding EBIT margin of 4.5 per cent.

The company raised its forecast due to the chemical divisions’ strong and profitable start to the year and to the improving polysilicon pricing environment.

Combined EBITDA for the three chemical divisions was around 19 per cent higher than a year ago, with volume growth and good cost levels having a positive influence. Market prices for polysilicon have been recovering steadily since mid-February, benefiting Wacker’s polysilicon business.

Commenting on the outlook, Rudolf Staudigl, CEO of Wacker said, “Wacker had a good start to the new year given the underlying conditions. Our chemical business, in particular, performed strongly and profitably from January to March.”

“In our polysilicon segment, sales volumes were substantially higher than a year ago. Our sales and earnings trend in the opening quarter and our current order intake have made us even more confident about the months ahead,” he said.

The company expects its EBITDA to rise by mid-single digits in 2016. (MCJ)

Fibre2Fashion News Desk - India

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